2011

As interest in international securities trading has grown, so has the awareness of academics in researching these markets.
Research topics cover a wide range from market microstructure theory and transaction cost analysis to the investigation of competitive markets and network effects. Research with regard to the post-trading sector is rather sparse. Torsten Schaper's study addresses strategic management aspects in European post-trading and shows the six competitive forces affecting the post-trading industry. Due to the globalisation of financial markets and the financial crisis, the management of post-trading infrastructures is confronted with a changed and competitive environment. The objective and central research question is to show how to manage post-trading infrastructures in this changing environment and to - identify and analyse the most important regulatory challenges for the industry; - classify the most important technical barriers that hinder the efficient settlement of cross-border securities transactions and evaluate different approaches for technical integration; - illustrate how to develop a performance management system for the post-trading industry; - identify the most important IT issues the post-trading industry has to cope with; - demonstrate how different business strategies of providers of trading and post-trading services are correlated with specific efficiency parameters.

The Future of the European Post-Trading System - A Delphi Study on the Future of the European Post-Trading System in the Light of Globalization and the Financial Crisis

In: Ibidem-Verlag; Hannover

Category: Book

Abstract

The European post-trading system has changed significantly in the last years and is currently facing enormous challenges, e.g. due to the financial crisis, stricter regulation of financial markets, globalization, and the automation of securities processing. Until now, a systematic assessment of the European post-trading industry is missing in academic literature. Using the Delphi methodology, this study among 158 experts from different areas of the post-trading industry aims to develop a joint and coherent view of what the European post-trading system will look like in the future. It identifies measures for the improvement of the post-trading system and the most important issues concerning risk management and information technologies within this industry.